Page 5 - Al-Rashed Newsletter August 2020

POTPOURRI
HISTORY- KOTC

HISTORY

KOTC was founded in April 1957, by a group of Kuwaiti pioneer investors, who
had a vision of how vital seaborne transportation would be for the development
of oil industry and how essential it becomes to exploit and discover oil in
Kuwait.

As oil became the primary source of energy and the world demands increased
substantially, its transport in crude, refined and liquefied product forms did
indeed develop into an important part of the marketing activity. Thus, in 1976,
the government decided to become a partner to KOTC with a 49 % share
capital, thereby providing a strong and vital boost to its development.

Three years later, in June 1979, in conformity with plans to bring all its oil
operations, from the well to the ultimate consumer, under one corporation, the
government acquired full control of the company's capital. When Kuwait
Petroleum Corporation (KPC) was established in January 1980, KOTC
assumed responsibility for the transportation sector of KPC.

FLEET DEVELOPMENT

Two years after its establishment in 1959, KOTC took delivery of the first crude
oil tanker “KAZIMAH” 49,000 Metric Tons. It was the vanguard of oil tanker
flying the Kuwaiti flag, and in those days it was considered a supertanker.

By 1975 the fleet had been expanded to transport over one million Metric Ton
of crude oil, but due to the expansion of refinery capacity in Kuwait, product
tankers were also acquired along with liquefied petroleum gas (LPG) carriers,
by 2001 the fleet reached 25 vessels of different sizes and purposes which had
a deadweight capacity of 3.2 million Metric Tons. The fleet reached its
maximum number in 1993 with a total of 38 vessels and capacity of 4.1 million
Metric Tons. In the last decade, KOTC modernized and developed its fleet by
building new tankers and scrapping the very old ones.

In line with the company’s mission and strategy to maintain a high standard
fleet to cater for KPC’s requirements, the Fleet New Building Projects Group
(FNBPG) handles all issues pertaining to fleet renewal projects.

Interacting with various parties from shipyards/vendors, to classifying
societies/consultants; the FNBPG studies the market and new
trends/technologies in the shipbuilding industry, which is adopted in the
preparation of the specification for various types of vessels.

Throughout the process of the new building, from plan approval stage, on-site
supervision of the construction until delivery, the FNBPG has the utmost
contribution to ensure high safety and quality standards complying with
International Maritime Standards reflected in KOTC governing rules and
regulations

MS. NASEEMA KHAN
TEAM LEADER- TANKERS
Source : www.kotc.com.kw